On this week’s market summary:
💡1. BlackRock’s revenues climbed to record highs during a volatile third quarter while assets under management retreated slightly but remained near an industry peak of $9.5tn. “Our long term flows were great given the quarter we had for markets,” said chief executive Larry Fink, citing a 10th consecutive quarter of active equity inflows and demand for sustainable active and index strategies. “Our AUM decline was a function of a stronger US dollar,” he said.
💡2. The Evergrande crisis has left Chinese developers shut out of global debt markets with just one dollar bond sold since the heavily indebted company’s missed payment news shook markets.What is in effect the closure of global capital markets to Chinese developers further complicates their ability to refinance, which has been cited by rating agencies in recent downgrades of Evergrande and its peers. S&P suggested the Fantasia default was likely to trigger cross-defaults on its other debt.
💡3. Property investment activity in Asia-Pacific is poised to hit a record high next year as confidence returns amid an economic recovery from the Covid-19 pandemic, according to Knight Frank. The region will see investment volumes grow by a third, largely driven by a re-emergence of US investment managers’ and private equity firms’ appetite for offices, said the international real estate consultant. In its Active Capital Report, which tracks trends in international real estate investment, Knight Frank said the United States, the UK, Germany, France and the Netherlands will be the top destinations for cross-border investment in 2022.
💡4. Wall Street stock and bond prices climbed on Wednesday despite data confirming a surge in inflation and the Federal Reserve publishing further details on its plans to begin easing asset purchases. Headline US consumer prices rose 5.4 per cent year on year in September, marking the fifth consecutive month of annual increases of 5 per cent or more. The figure was slightly ahead of most economists’ forecasts, but had little immediate effect on US stocks after investors had spent much of the past few weeks positioning themselves for a likely increase.
One of the must-ask interview questions for banking and finance is: “Have you read any news recently?”, with the follow-up questions: “How would you link this news to the market and what investment suggestions would you give to your clients based on this news?”
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